TrueUSD Stablecoin Passes Audit Clearing Up Doubts
Since regulatory agencies are trying to create a more mature cryptocurrency market, financial audits have become very common these days in the crypto world. Stable coins have been a very common target to audit and eliminate rumours and concerns regarding their viability.
An important example of this case is Tether (USDT) which has been in the news due to the fact that it has never shown whether they have such an amount of funds to support the price of the token they issue.
It is important to mention that Cohen & Company, TrueUSD’s parent company said that it was doing everything correctly. And indeed, the auditing firm has reviewed TrueCoin LLC Escrow Holdings to see whether they are releasing more TUSD tokens compared to the amount of money they held in different assets.
The audit carried out by Cohen & Company was carried out following the standards established by the American Institute of Certified Public Accountants. In order to determine whether the company is operating correctly the report that has been issued by TrueCoin LLC has to be examined again and compared with the company’s physical asset holdings.
According to Cohen & Company, the TrueUSD tokens are currently not exceeding the balance they have in the Escrow Account Holdings. Furthermore, the firm stores all the USD in the Escrow Account at Prime Trust LLC.
The cryptocurrency market needs to be audited and regulated. These audits such as the one mentioned in this article, provide transparency and improve standards.
At the moment, TrueUSD has a market capitalization of $59 million dollars and its price is tethered to the US dollar.